Bloomberg News

TNK-BP Said to Sell ESPO Crude for April to JX at Lower Premiums

March 04, 2012

Russia’s TNK-BP (TNBP) sold a 100,000- metric ton cargo of East Siberian Pacific Ocean crude, or ESPO, for loading in April to JX Nippon Oil & Energy Corp. (5001), according to three traders who declined to be identified because the information is confidential.

A cargo for April was sold at a premium of about $5.40 a barrel to benchmark Dubai prices, lower than March cargoes, which went at premiums as much as $6 a barrel.

The details of the deals are as follows:

------------------------------------------------------------
Crude:        ESPO (Russia)
Price:        Premium of about $5.40 over Platts Dubai.
Buyers        JX Nippon
Seller:       TNK-BP
Quantity:     100,000 tons (730,000 barrels)
Port:         Kozmino, Russia’s Far East
Loading:      April 1-10
-------------------------------------------------------------

To contact the reporter on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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